The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition see Note 2 of our 2025 Form 10-K. See Note 25 of our 2025 Form 10-K and Note 24 of this Form 10-Q for additional information on our segments.


	Three months ended March 31, 2026
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,711	$	1	$	315	$	—	$	(11)	$	2,016
Brokerage revenues:
Securities commissions:
Mutual and other fund products	176		2		1		—		(1)		178
Insurance and annuity products	132		—		—		—		—		132
Equities, exchange-traded funds (“ETFs”) and fixed income products	151		50		—		—		(4)		197
Subtotal securities commissions	459		52		1		—		(5)		507
Principal transactions (1)	29		104		—		3		—		136
Total brokerage revenues	488		156		1		3		(5)		643
Account and service fees:
Mutual fund and other investment products	152		—		4		—		(1)		155
RJBDP fees	280		2		—		—		(189)		93
Client account and other fees	74		2		3		—		(16)		63
Total account and service fees	506		4		7		—		(206)		311
Investment banking:
Merger & acquisition and advisory	—		139		—		—		—		139
Equity underwriting	7		56		—		—		—		63
Debt underwriting	—		77		—		—		—		77
Total investment banking	7		272		—		—		—		279
Other:
Affordable housing investments business revenues	—		28		—		—		—		28
All other (1)	8		1		1		11		4		25
Total other	8		29		1		11		4		53
Total non-interest revenues	2,720		462		324		14		(218)		3,302
Interest income (1)	107		27		3		802		21		960
Total revenues	2,827		489		327		816		(197)		4,262
Interest expense	(17)		(25)		—		(330)		(31)		(403)
Net revenues	$	2,810	$	464	$	327	$	486	$	(228)	$	3,859


	Three months ended March 31, 2025
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,457	$	1	$	278	$	—	$	(11)	$	1,725
Brokerage revenues:
Securities commissions:
Mutual and other fund products	152		2		1		—		—		155
Insurance and annuity products	117		—		—		—		—		117
Equities, ETFs and fixed income products	123		38		1		—		(3)		159
Subtotal securities commissions	392		40		2		—		(3)		431
Principal transactions (1)	27		121		—		1		—		149
Total brokerage revenues	419		161		2		1		(3)		580
Account and service fees:
Mutual fund and other investment products	130		—		3		—		(1)		132
RJBDP fees	313		2		—		—		(185)		130
Client account and other fees	66		1		3		—		(11)		59
Total account and service fees	509		3		6		—		(197)		321
Investment banking:
Merger & acquisition and advisory	—		129		—		—		—		129
Equity underwriting	9		31		—		—		—		40
Debt underwriting	—		47		—		—		—		47
Total investment banking	9		207		—		—		—		216
Other:
Affordable housing investments business revenues	—		20		—		—		—		20
All other (1)	6		—		—		14		—		20
Total other	6		20		—		14		—		40
Total non-interest revenues	2,400		392		286		15		(211)		2,882
Interest income (1)	110		28		3		802		20		963
Total revenues	2,510		420		289		817		(191)		3,845
Interest expense	(24)		(24)		—		(383)		(11)		(442)
Net revenues	$	2,486	$	396	$	289	$	434	$	(202)	$	3,403


	Six months ended March 31, 2026
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	3,404	$	1	$	631	$	—	$	(21)	$	4,015
Brokerage revenues:
Securities commissions:
Mutual and other fund products	340		4		2		—		(1)		345
Insurance and annuity products	264		—		—		—		—		264
Equities, ETFs and fixed income products	295		96		—		—		(7)		384
Subtotal securities commissions	899		100		2		—		(8)		993
Principal transactions (1)	59		197		—		7		(1)		262
Total brokerage revenues	958		297		2		7		(9)		1,255
Account and service fees:
Mutual fund and other investment products	294		1		8		—		(2)		301
RJBDP fees	569		3		—		—		(378)		194
Client account and other fees	145		4		5		—		(30)		124
Total account and service fees	1,008		8		13		—		(410)		619
Investment banking:
Merger & acquisition and advisory	—		258		—		—		—		258
Equity underwriting	15		87		—		—		—		102
Debt underwriting	—		127		—		—		—		127
Total investment banking	15		472		—		—		—		487
Other:
Affordable housing investments business revenues	—		59		—		—		—		59
All other (1)	12		1		1		24		(2)		36
Total other	12		60		1		24		(2)		95
Total non-interest revenues	5,397		838		647		31		(442)		6,471
Interest income (1)	221		55		6		1,633		52		1,967
Total revenues	5,618		893		653		1,664		(390)		8,438
Interest expense	(40)		(49)		—		(691)		(64)		(844)
Net revenues	$	5,578	$	844	$	653	$	973	$	(454)	$	7,594


	Six months ended March 31, 2025
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	2,933	$	1	$	560	$	—	$	(26)	$	3,468
Brokerage revenues:
Securities commissions:
Mutual and other fund products	304		4		2		—		(1)		309
Insurance and annuity products	235		—		—		—		—		235
Equities, ETFs and fixed income products	256		76		2		—		(7)		327
Subtotal securities commissions	795		80		4		—		(8)		871
Principal transactions (1)	57		207		—		4		—		268
Total brokerage revenues	852		287		4		4		(8)		1,139
Account and service fees:
Mutual fund and other investment products	256		—		7		—		(1)		262
RJBDP fees	644		3		—		—		(373)		274
Client account and other fees	136		4		5		—		(18)		127
Total account and service fees	1,036		7		12		—		(392)		663
Investment banking:
Merger & acquisition and advisory	—		355		—		—		—		355
Equity underwriting	17		66		—		—		—		83
Debt underwriting	—		103		—		—		—		103
Total investment banking	17		524		—		—		—		541
Other:
Affordable housing investments business revenues	—		49		—		—		—		49
All other (1)	11		1		—		22		(4)		30
Total other	11		50		—		22		(4)		79
Total non-interest revenues	4,849		869		576		26		(430)		5,890
Interest income (1)	236		57		7		1,649		41		1,990
Total revenues	5,085		926		583		1,675		(389)		7,880
Interest expense	(51)		(50)		—		(816)		(23)		(940)
Net revenues	$	5,034	$	876	$	583	$	859	$	(412)	$	6,940